acidic.straw
19-11-12, 06:47
ST 19/11/2012
By Goh Shi Ting
A CONDOMINIUM in Changi - Ballota Park - has uncovered alleged financial irregularities in its accounts, prompting at least one resident to call for the matter to be reported to the Commercial Affairs Department (CAD).
But before a decision is taken on whether to go to the white-collar-crime authorities, a forensic auditor has been hired to get to the bottom of the matter.
Due to the ongoing probe, Ballota Park's accounts for the financial year ended March 31 could not be passed at an annual general meeting (AGM) last month.
The interim accounts for the 365-unit condominium from April 1 to June 30 were also not adopted, as stated in the minutes of the AGM, a copy of which was obtained by The Straits Times.
The accounts involve maintenance fees paid by residents, which come up to about $300 a month and are used to pay for the upkeep of the freehold estate, which is 16 years old.
The chairman of the Ballota Park management council (MC), Mr Koh Kim Huat, said the forensic auditor was hired in late June but the results were not ready before the AGM.
To speed up the investigation, an executive member, Mr Kenny Soh, suggested filing a complaint with the CAD at a recent council meeting.
No report has been made to the authorities though, according to the current MC. "There are a lot of consequences if we launch a CAD report, especially if it's not so terrible," said the secretary of the MC, Mr Keith Lee.
"Since we've already started the forensic audit, we might as well carry on and clear things up first and not act so rashly," he added.
The current MC took over the reins last year after the previous office-bearers left.
The MC was unable to say when the forensic auditor is expected to complete its work.
In March, the MC engaged the services of management agent SavillsCKH to see to the maintenance of the condo.
On the advice of the agent, the MC decided to fork out about $10,000 to embark on the forensic audit to scour through past records for discrepancies.
It is understood that during the AGM, at least two residents voiced concerns regarding payment of maintenance fees that was not recorded.
"We are the whistle-blowers," said Mr Lee. "There must be people in the council to find out the problem and we will not sweep them under the carpet."
Residents questioned the level of security of the accounting system.
"How is it so easy to swindle the money?" said one resident, who declined to be named. "I think the procedures should be tightened."
Under the Building Maintenance and Strata Management Act, the MC is elected from among residents to administer the day-to-day running of a property.
[email protected]
By Goh Shi Ting
A CONDOMINIUM in Changi - Ballota Park - has uncovered alleged financial irregularities in its accounts, prompting at least one resident to call for the matter to be reported to the Commercial Affairs Department (CAD).
But before a decision is taken on whether to go to the white-collar-crime authorities, a forensic auditor has been hired to get to the bottom of the matter.
Due to the ongoing probe, Ballota Park's accounts for the financial year ended March 31 could not be passed at an annual general meeting (AGM) last month.
The interim accounts for the 365-unit condominium from April 1 to June 30 were also not adopted, as stated in the minutes of the AGM, a copy of which was obtained by The Straits Times.
The accounts involve maintenance fees paid by residents, which come up to about $300 a month and are used to pay for the upkeep of the freehold estate, which is 16 years old.
The chairman of the Ballota Park management council (MC), Mr Koh Kim Huat, said the forensic auditor was hired in late June but the results were not ready before the AGM.
To speed up the investigation, an executive member, Mr Kenny Soh, suggested filing a complaint with the CAD at a recent council meeting.
No report has been made to the authorities though, according to the current MC. "There are a lot of consequences if we launch a CAD report, especially if it's not so terrible," said the secretary of the MC, Mr Keith Lee.
"Since we've already started the forensic audit, we might as well carry on and clear things up first and not act so rashly," he added.
The current MC took over the reins last year after the previous office-bearers left.
The MC was unable to say when the forensic auditor is expected to complete its work.
In March, the MC engaged the services of management agent SavillsCKH to see to the maintenance of the condo.
On the advice of the agent, the MC decided to fork out about $10,000 to embark on the forensic audit to scour through past records for discrepancies.
It is understood that during the AGM, at least two residents voiced concerns regarding payment of maintenance fees that was not recorded.
"We are the whistle-blowers," said Mr Lee. "There must be people in the council to find out the problem and we will not sweep them under the carpet."
Residents questioned the level of security of the accounting system.
"How is it so easy to swindle the money?" said one resident, who declined to be named. "I think the procedures should be tightened."
Under the Building Maintenance and Strata Management Act, the MC is elected from among residents to administer the day-to-day running of a property.
[email protected]